BTC/USD Breaks Initial Resistance as Bitcoin Battles above $35,000
Bitcoin (BTC) Price Resumes Upward as Bitcoin Battles above $35,000– June 30, 2021
Bitcoin bulls have broken the initial resistance at $35,000 as Bitcoin battles above $35,000. The uptrend was short-lived as Bitcoin retraces on the downside. The retracement is expected to find support above the $35,000. However, if BTC/USD price breaks below the $35,000 support, Bitcoin will fall into the previous narrow range. Nevertheless, the market will resume upward if the $35,000 support.
Resistance Levels: $45,000, $46,000, $47,000Support Levels: $35,000, $34,000, $33,000
Bitcoin’s (BTC) price has begun an upward move to retest the $41,000 to $42,000 resistance zones. Since May 19, buyers have been making positive moves to break above the $41,000 resistance level. However, the bears have been defending the resistance for the past month. The bulls are having the upper hand as price breaks above the $35,000 resistance. The next resistance to break is the $38,000 high if the current retracement is halted. The bullish scenario is that if the bulls overcome the $38,000 resistance, Bitcoin will continue its rise to $42,000 high. However, the bears are on hand to strongly defend the resistance zones. Buyers are unlikely to have a smooth ride above these resistance levels. The bottom line is that Bitcoin will continue its range-bound move between $31,000 and $42,273 if the buyers fail to clear the resistance zones.
Tanzania Central Bank May Overturn Crypto Ban over Favorable Presidential Comments
President Samia Suluhu Hassan has urged Tanzania’s central bank to reverse its November 2019 crypto ban. According to reports, the president has begun exploring Bitcoin and digital assets earlier this month. At the same time, he has encouraged the Bank of Tanzania to brace up with the growing popularity of cryptocurrencies. El Salvador Bitcoin law has brought a lot of positive BTC sentiment across several nations in Latin America.
Meanwhile, Bitcoin has made positive moves into the previous highs as Bitcoin battles above $35,000 support. The king coin is presently retracing to the $35,000 support. The upward move will resume if the BTC price finds support. Otherwise, the selling pressure will resume on the downside. Meanwhile, on June 28 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1.272 Fibonacci extension and reverse. Bitcoin has tested the $37,000 Fibonacci extension and turned from the recent high. A fresh upward move is likely.
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